Finra panel orders Stifel to pay $1.5 million to clients

Finra panel orders Stifel to pay $1.5 million to clients
Sum constitutes compensatory damages for breach of duties.
OCT 04, 2019
An arbitration panel of the Financial Industry Regulatory Authority Inc. has ordered Stifel Nicolaus & Co. to pay $1,524,176 to four of 12 clients who claimed the firm breached its duties and committed other securities law violations. [Recommended video:​ Deploying fintech to improve the client experience and prevent fraud] The specific nature of the clients' complaints against the firm were not explained in the award document from the Finra office of dispute regulation. [More:​ Finra bars former Wells Fargo broker for insider trading] In their statement of claim, all claimants requested compensatory damages in the amount of $20 million and punitive damages in the amount of $30 million. At the close of the hearing, four of the group reduced their claim to $1,524,176 in compensatory damages. Claims for punitive damages, attorneys' fees and costs were denied. Don't miss our Women Adviser Summit — coming to San Francisco.

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